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Conmed Corp (CNMD): Scopia Capital Raises Its Stake

Published on March 31, 2016 at 12:49 pm by Insider Monkey Staff in Hedge Funds, News
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Matt Sirovich and Jeremy Mindich‘s Scopia Capital has increased its exposure to CONMED Corporation (NASDAQ:CNMD), as a recent filing with the US Securities and Exchange Commission showed. The filing revealed that Scopia owns a total of 2.38 million shares of Conmed, which is higher than the 2.09 million shares it reported in an earlier filing. In this way, the investor raised its position to 8.6% from 7.6% of the outstanding stock.

Overall, heading into 2016, a total of 15 of the hedge funds tracked by Insider Monkey were long this stock, a decline of 21% from one quarter earlier. Jacob Gottlieb’s Visium Asset Management has the largest position in CONMED Corporation (NASDAQ:CNMD), worth close to $79.6 million, comprising 1.2% of its total 13F portfolio. On Visium Asset Management’s heels is Jerome Lande and Craig Rosenblum’s Coppersmith Capital, with a $71.8 million position; 68.3% of its 13F portfolio is allocated to the stock. Remaining members of the smart money that are bullish encompass Ken Fisher’s Fisher Asset Management, Joe Huber’s Huber Capital Management and Mario Gabelli’s GAMCO Investors.

Judging by the fact that CONMED Corporation (NASDAQ:CNMD) has experienced a declination in interest from the smart money, we can see that there were a few hedge funds that elected to cut their positions entirely heading into Q4. Intriguingly, Jonathon Jacobson’s Highfields Capital Management dumped the biggest stake of all the hedgies followed by Insider Monkey, comprising close to $6.5 million in stock. Chuck Royce’s fund, Royce & Associates, also cut its stock, about $3.9 million worth.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
SCOPIA PX 622,794 2,380,264 622,794 2,380,264 622,794 2.2%
SCOPIA PARTNERS 17,110 2,380,264 17,110 2,380,264 17,110 Less than 1%
SCOPIA HEALTH CARE 46,729 46,729 46,729 Less than 1%
SCOPIA WINDMILL FUND 433,862 433,862 433,862 1.6%
SCOPIA INTERNATIONAL MASTER FUND 108,059 108,059 108,059 Less than 1%
SCOPIA PX INTERNATIONAL MASTER FUND 780,046 780,046 780,046 2.8%
SCOPIA HEALTH CARE INTERNATIONAL MASTER FUND 340,075 340,075 340,075 1.2%
SCOPIA CAPITAL GP 2,348,675 2,348,675 2,348,675 8.5%
SCOPIA CAPITAL MANAGEMENT 2,380,264 2,380,264 2,380,264 8.6%
SCOPIA MANAGEMENT, INC 2,380,264 2,380,264 2,380,264 8.6%
MATTHEW SIROVICH 2,380,264 8.6%
JEREMY MINDICH 2,380,264 8.6%

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Page 1 of 24 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 3)1
CONMED Corporation
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
207410101
(CUSIP Number)
SAMANTHA NASELLO
SCOPIA CAPITAL MANAGEMENT LP
152 West 57th Street, 33rd Floor
New York, New York 10019
(212) 370-0303
 
STEVE WOLOSKY
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
March 28, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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